The Epilepsy Monitoring Devices Market size is projected to be valued at USD 523.26 million in 2023. Whereas the market is expected to rise to USD 894.63 million by 2033. The sales of epilepsy monitoring devices are likely to record a significant CAGR of 5.5% during the forecast period.
The senior population is more prone to epilepsy, and the global elderly population is expected to fuel market expansion.
Between 2015 and 2050, the global population of those over 60 is expected to nearly double, from 12 to 22%. According to research, more than 8% of the world's population is now above the age of 65.
Patients are increasingly interested in home epilepsy monitors, which allow them to monitor their condition from the comfort of their own homes. This has led to the development of wearable epilepsy monitors that can be used at home. Some companies use machine learning algorithms to analyze brain wave data to detect seizures.
Market players are focusing on product innovation and new product launches to meet the evolving needs of patients and healthcare professionals.
The market is also investing in research and development activities aimed at creating more accurate and effective epilepsy monitoring devices in the future.
| Attribute | Details |
|---|---|
| Epilepsy Monitoring Devices Market Estimated Size (2023) | USD 523.26 million |
| Epilepsy Monitoring Devices Market CAGR (2023 to 2033) | 5.5% |
| Epilepsy Monitoring Devices Market Forecasted Size (2033) | USD 894.63 million |
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The epilepsy monitoring devices market has grown significantly in recent years. Owing to the rising prevalence of epilepsy, increased demand for minimally invasive diagnostic techniques, and the availability of improved monitoring technologies.
The integration of artificial intelligence (AI) and machine learning (ML) in epilepsy monitoring devices aid in the accurate diagnosis and treatment of epilepsy. In the next years, the growing use of telemedicine and remote monitoring solutions is likely to drive up demand for epilepsy monitoring devices.
Another factor that is predicted to contribute to the expansion of the market is the increase in government efforts and funding for research & development in the healthcare sector. Overall, the epilepsy monitoring devices market is predicted to rise rapidly in the next years, owing to the growing need for improved monitoring technologies.
However, the market may encounter hurdles such as high device costs and a lack of awareness about these devices among patients. This may limit market growth to some extent. Considering this, FMI expects the global epilepsy monitoring devices market to record an absolute dollar growth of USD 7.4 billion by 2033.
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The market share of wearable devices in the epilepsy monitoring devices industry is constantly increasing. Wearable gadgets, such as smartwatches, wristbands, and patches, are becoming increasingly popular. As they provide a convenient and non-invasive way to monitor seizures and collect data on seizure activity.
Wearable device adoption is being driven by various considerations, including portability, convenience of use, and the potential to offer real-time data on seizure activity. Wearable gadgets can also inform carers in the event of a seizure and provide useful insights into the frequency and length of seizures, which can aid in epilepsy management.
The devices have been in use for many years and are regarded as the gold standard for epilepsy diagnosis and management.
The significant market share of conventional equipment in the epilepsy monitoring devices market is due to several factors. Including its accuracy, dependability, and widespread availability. EEG and VEEG systems are frequently utilized in hospitals and clinics for the diagnosis and management of epilepsy and are widely accepted by healthcare experts.
While wearable gadgets and AI-powered systems are gaining popularity, traditional instruments such as EEG and VEEG systems remain the backbone of epilepsy monitoring.
Since epilepsy monitoring is generally performed in a hospital or specialized epilepsy center, hospitals have a substantial portion (45%) of the epilepsy monitoring equipment market. To diagnose and monitor patients with epilepsy, hospitals use advanced facilities such as EEG and VEEG devices.
Patients with epilepsy may require long-term monitoring to collect data on their seizures, which is usually done in a hospital or epilepsy center's epilepsy monitoring unit (EMU). Furthermore, hospitals and epilepsy centers have the required infrastructure and experience to undertake modern diagnostic tests and provide specialized care for epileptic patients. They have access to a variety of standard and advanced epilepsy monitoring devices, making them a prominent player in the epilepsy monitoring devices market.
The presence of leading manufacturers of epilepsy monitoring devices, favorable government initiatives, and the increasing adoption of advanced technologies. Such as AI-powered devices and wearable devices all contribute to North America's high share of the epilepsy monitoring devices market. Furthermore, the increased emphasis on patient-centered treatment and the growing need for home-based monitoring solutions are driving the growth of the North American market. The region is also experiencing a transition towards value-based care, which is projected to increase the usage of epilepsy monitoring devices even further.
The existence of prominent manufacturers of epilepsy monitoring devices, and favorable government measures to improve healthcare. Besides, the increasing acceptance of telemedicine for epilepsy care contributes to Europe's strong share of the epilepsy monitoring devices market. Furthermore, the increased emphasis on personalized and patient-centered care, as well as the growing need for home-based monitoring solutions, are driving the market. The region is also experiencing a transition towards value-based care, which is projected to increase the usage of epilepsy monitoring devices even further.
With an increasing market share, the Asia Pacific region is also an important market for epilepsy monitoring equipment. With the increasing prevalence of epilepsy, rising healthcare expenditure, and increased awareness of the ailment, the region is experiencing considerable growth in the market.
Furthermore, the increased emphasis on patient-centric care and the growing need for home-based monitoring solutions are driving the growth of the Asia Pacific epilepsy monitoring devices market. The region is also experiencing a transition towards value-based care, which is projected to increase the usage of epilepsy monitoring devices even further.
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The epilepsy monitoring devices market is highly competitive, with several players operating in the market. Some key players in the market include:
These companies are focusing on developing technologically advanced devices to provide better and accurate monitoring and diagnosis of epilepsy. They are also adopting various strategies such as partnerships, collaborations, acquisitions, and product launches to strengthen their market position and increase their market share.
The market is also witnessing the entry of several new players, which is intensifying the competition further. This is driving innovation and product development in the market, as companies are striving to differentiate themselves and gain a competitive edge.
Recent Developments
In May 2022, mjn-NEURO, a Spanish start-up, unveiled the mjn-SERAS. This aids in seizure detection in the United Kingdom. It is a game-changing technology that employs artificial intelligence to predict seizures up to three minutes in advance.
Epitel, a manufacturer of wearable electroencephalogram (EEG) technology, raised USD 12.5 million in Series A funding in February 2022 for seizure detection.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 5.5% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Product Type, End User, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Nihon Kohden Corporation; Medtronic PLC; General Electric Company; Koninklijke Philips N.V.; Compumedics Limited; Natus Medical Incorporated; EB Neuro S.p.A.; Cadwell Industries, Inc.; BrainScope Company, Inc.; LivaNova PLC |
| Customization & Pricing | Available upon Request |
The market is valued at USD 523.26 million in 2023.
The growth potential of the epilepsy monitoring devices market is 5.5% CAGR through 2033.
The market is estimated to reach USD 894.63 million by 2033.
Portable EEG devices, AI, ML, and smart helmets are expected to positively impact the epilepsy monitoring devices market.
Nihon Kohden Corporation, Medtronic PLC, and General Electric Company are key epilepsy monitoring devices market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product 5.1. Wearable Devices 5.2. Conventional Devices 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 6.1. Hospitals & Clinics 6.2. Ambulatory Surgery Centres 6.3. Neurology Centres 6.4. Diagnostic Centres 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Boston Scientific Corporation 17.2. Dragerwerk AG & Co. kGaA 17.3. Abbott Laboratories Inc. 17.4. Neurosoft 17.5. Mindray Medical International Ltd. 17.6. Cadwell Industries Inc. 17.7. NeuroWave Systems 17.8. Nihon Kohden Corporation 17.9. Medtronic Plc 17.10. Pfizer, Inc. 18. Assumptions & Acronyms Used 19. Research Methodology
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Epilepsy Monitoring Devices Market
